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The Nigerian Midstream Downstream Petroleum Regulatory Authority has announced an increase in the price of natural gas for strategic sectors.
The price of gas sold to Gencos had been constant at $2.18 since 2021. For commercial gas, the price increased from $2.50 to $2.92 per cubic feet. Until Monday, April 1, the calculation was done based on the rate of $2.18 per cubic feet of gas which the commodity was sold to Gencos. He explained that the action was taken in line with Section 167, the Third and Fourth Schedule of the PIA 2021, which mandated the Authority to determine the Domestic Base Price and the marketable wholesale price of natural gas supplied to the strategic sectors.
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